UPDATED!! The auction date has changed to January 14th, 2013. There is also a new property list, description & terms; see below.
Description: BANKRUPTCY AUCTION – Known as Lon Morris College, this former junior college campus founded 168 years ago is situated on 112± acres in downtown Jacksonville, Texas. Four academic halls provide more than 50,000 square feet of classroom/instructional space. A 15,800± sf library and technology center houses the library, 3 computer labs, 2 server rooms and the campus network operation center. The recently constructed administration building houses 18 offices, a state of the art boardroom and conference/meeting space. This property is also an excellent facility for executive education. Additional student buildings include: a Welcome Center, 24,351± sf cafeteria/bookstore/ballroom with lounge area and fully furnished kitchen, an alumni center and a student learning center. The magnificent 10,000± sf chapel was constructed in 1987. Student residential housing is abundant with five multi-level dormitories totaling over 95,000 square feet and 165 rooms. The 25,000± sf gymnasium has a ticket booth, concession area, two level seating and both male and female locker rooms. Other athletic facilities include separate NJCAA regulation baseball, softball and soccer fields complete with lighting and scoreboard.
Being offered separately is a 28,500± sf newly constructed athletic training center that houses a weight room, training facilities, whirlpool and partially completed offices.
While most of the buildings are furnished and most of the personal property conveys with the sale of the real estate, a portion of the personal property must be purchased separately from the leasing company. See the Property Information Package for a complete listing of the Property available at auction. The Auction Procedures are currently pending approval by the US Bankruptcy Court.
These properties will be offered all for one bid as well as offered in pre-determined packages. This is your opportunity to acquire an entire college campus at a fraction of the replacement cost!
Area Features: Jacksonville’s natural setting in the rolling hills of east Texas provides numerous recreational activities including water sports at nearby Lake Jacksonville. The area has two full-service hospitals, private and public schools, a theological seminary and two junior colleges. This campus is located just 8 miles from Cherokee County Airport and less than 1 mile from US 69 and US 79.
Utilities: Water & Sewer Provider - City of Jacksonville Water & Sewer
Property Address: 800 College Ave., Jacksonville, TX 75766
Off-Site Auction: January 14, 2013 @ 11:00am, CST
Auction Location: McKool Smith, P.C., 300 Crescent Court, 12th Floor, Dallas, TX 75201
Inspections:
November 29th and 30th – 9am to 4pm
December 11th and 12th – 9am to 4pm
January 8th and 9th – 9am to 4pm, and by appointment
Directions: From Jacksonville City Center (Intersection of US 69 and US 79): Take E Rusk St (US 79 South) southwest for 0.4 miles. Turn Left onto Oak St. Take the first Right onto W Larissa St. Take first left onto College Ave. Travel 4 ½ blocks Auction Information Office will be located on the Left at 800 College Ave.
Summary of Terms: All sales are subject to US Bankruptcy Court Approval. The auction will occur at the law office of McKool Smith, P.C., 300 Crescent Court, 12th Floor, Dallas, Texas. No representations or warranties, expressed, written or implied by the Seller or Auctioneer. All real and personal property are being sold “AS-IS, WHERE-IS”. In order to bid at the auction, you must have an initial deposit of $100,000 in certified check or cashier’s check if you will be bidding on more than one package of properties or all of the properties and a $50,000 certified check or cashier’s check if you will be bidding on an individual package of properties. A total 10% deposit, less the initial deposit, will be required to be paid by the winning bidder(s) by January 15, 2013 @ 3:00pm. The entire deposit will be held by Cherokee Title Company. Any sale will be consummated through a Chapter 11 Bankruptcy Plan approved by the US Bankruptcy Court, Eastern District of Texas, Tyler Division, on February 4, 2013. Closing shall occur within 20 days after confirmation of the Chapter 11 Plan by the US Bankruptcy Court. A 2.0% broker participation is offered, subject to the AmeriBid Broker Registration guidelines. Prior to bidding, please read the Purchase & Sale Agreement and the Auction Procedures in the Property Information Package for complete terms of sale. The Auction Procedures are currently pending approval with the US Bankruptcy Court.
Eastern District of Texas, Case No. 12-60557
